"The U.S. government should not use my tax dollars to subsidize people on welfare"
A. is a normative economic statement because it is a scientific fact.
B. is a normative economic statement because it involves a value judgment about an economic policy.
C. is a positive economic statement because it predicts that my tax dollars will go to welfare.
D. is a positive economic statement because it simply describes one person's opinion.
Answer: B
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The figure above shows the market for milk. When the efficient quantity of milk is produced, the marginal social cost of the last gallon is
A) $3.50. B) $3.00. C) $2.50. D) $2.00.
During the Civil War, inflation caused U.S. prices to rise by roughly:
a. 12 percent. b. 32 percent. c. 54 percent. d. 76 percent.
If marginal cost is rising in a competitive firm's short-run production process and its average variable cost is falling as output is increased, then which statement is true?
a. Marginal cost is above average variable cost. b. Marginal cost is below average fixed cost. c. Marginal cost is below average variable cost. d. Average fixed cost is constant.
To achieve its goal of keeping a family of four with one wage earner out of poverty, the minimum wage would have to be
A. nearly $9.00 per hour. B. more $11.00 per hour. C. $7.25 per hour. D. $5.15 per hour.